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CONGAREE BANCSHARES,
INC.
Exhibit 10.1
Amendment No. 1 to the Congaree
Bancshares, Inc. 2007 Stock Incentive Plan adopted
October 15, 2008.
CONGAREE BANCSHARES, INC.
2007
STOCK OPTION PLAN
AMENDMENT NO. 1 ADOPTED BY THE
BOARD OF DIRECTORS
October 15,
2008
First , the Board amended the definition of
“Fair Market Value” found in Article I by deleting
it in its entirety and replacing it with the following:
“ Fair Market Value
” on any date shall mean:
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(i) if the
Stock is readily tradable on an established securities market (as
defined in Treasury Regulation § 1.897-1(m)), the closing
sales price of the Stock on the trading day immediately preceding
such date on the securities exchange having the greatest volume of
trading in the Stock during the 30-day period preceding the day the
value is to be determined or, if such exchange was not open for
trading on such date, the next preceding date on which it was
open;
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(ii)
if the Stock is not traded on any securities exchange (as defined
in Treasury Regulation §1.897-1(m)), the average of the
closing high bid and low asked prices of the Stock on the
over-the-counter market on the day such value is to be determined,
or in the absence of closing bids on such day, the closing bids on
the next preceding day on which there were bids; or
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(iii) if the
Stock also is not traded on the over-the-counter market, the fair
market value as determined in good faith by the Board or the
Committee by application of a reasonable valuation method
consistently applied and taking into consideration all available
information material to the value of the
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